[US court overturns SEC ruling, paves way for first bitcoin ETF] A US federal court has approved cryptocurrency fund Grayscale Investments to launch the first bitcoin ETF in the US, as the cryptocurrency industry seeks to raise billions of dollars from everyday investors Funding watershed. On Tuesday, a three-judge appeals panel in Washington overturned the SEC's decision to block the ETF. "The rejection of Grayscale's proposal was arbitrary and capricious because the SEC failed to account for the different treatment of similar products," the court said.